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Author Topic: Best/Cheapest Way To Cash Out BTC?  (Read 2485 times)
RavinTavin
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April 29, 2013, 01:50:16 AM
 #1

What site has the cheapest/simplest way to cash out BTC?

Thank you!
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RavinTavin
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April 29, 2013, 01:55:24 AM
 #2

(currently using Coinbase, they charge 1%+15 cent)

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April 29, 2013, 05:27:46 AM
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(currently using Coinbase, they charge 1%+15 cent)

I haven't tried yet but I'm thinking transfer them to MtGox and sell them there and then use Dwolla to get them to your bank account. Dwolla has very low fees.   

However you have to get verified at MtGox which can take a couple of weeks at this point. I started out #23000 in the queue but down to 13000 after about 4 days.

But this is my strategy and it will hopefully have the lowest fees, even though may take awhile longer than some other options.
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April 29, 2013, 05:52:36 AM
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(currently using Coinbase, they charge 1%+15 cent)

I haven't tried yet but I'm thinking transfer them to MtGox and sell them there and then use Dwolla to get them to your bank account. Dwolla has very low fees.   

However you have to get verified at MtGox which can take a couple of weeks at this point. I started out #23000 in the queue but down to 13000 after about 4 days.

But this is my strategy and it will hopefully have the lowest fees, even though may take awhile longer than some other options.

Mt Gox lost my business when pressing the sign-up button constantly showed an error page. Recently opened a CoinBase account, still waiting to verify, but seems like a great wallet/exchange if the deposits end up being fairly quick. My $0.02.
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April 29, 2013, 05:55:57 AM
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https://localbitcoins.com

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April 30, 2013, 07:09:10 AM
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Yes that is the lowest cost way...sell to someone locally for cash, and probably skip all the taxes too.

I just figured out that I can use Dwolla with CampBx.   I didn't have to get verified at either one and just sent the BTC to CampBx and then sold on their exchange and sent the cash to Dwolla for just 25 cent (USD) fee.   You can transfer up to $1000 a day.  And it was an automatic transfer and just took about a second or two at most.

So that is a big problem solved for me.  You can also do ACH transfer to bank account on CampBx for just $2.  But takes a week or so to get verified for the first one.  CampBx offices are in the USA btw....actually just about 10 miles from me.

But this has got to be about the least expensive way to do it, not counting local bitcoins, which i am going to try for fun. You can actually make money that way and charge more than the market rate for BTC.   I just added 7% to Mtgox price for my first ad.  

I'm not sure how you do it when you meet in person but I guess you just have the person give you the cash and you send it on your laptop.  Although I guess there is a way to do it on paper too although I don't know how.
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April 30, 2013, 08:24:16 AM
 #7


Yes that is the lowest cost way...sell to someone locally for cash, and probably skip all the taxes too.

I just figured out that I can use Dwolla with CampBx.   I didn't have to get verified at either one and just sent the BTC to CampBx and then sold on their exchange and sent the cash to Dwolla for just 25 cent (USD) fee.   You can transfer up to $1000 a day.  And it was an automatic transfer and just took about a second or two at most.

So that is a big problem solved for me.  You can also do ACH transfer to bank account on CampBx for just $2.  But takes a week or so to get verified for the first one.  CampBx offices are in the USA btw....actually just about 10 miles from me.

But this has got to be about the least expensive way to do it, not counting local bitcoins, which i am going to try for fun. You can actually make money that way and charge more than the market rate for BTC.   I just added 7% to Mtgox price for my first ad.  

I'm not sure how you do it when you meet in person but I guess you just have the person give you the cash and you send it on your laptop.  Although I guess there is a way to do it on paper too although I don't know how.

Trying to avoid person to person! I think I made a good choice, thanks guys!
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April 30, 2013, 08:30:02 AM
 #8


Trying to avoid person to person! I think I made a good choice, thanks guys!
RT

How do you get your BTC into Coinbase though if they are at a different exchange?   Can you send them the regular way?
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April 30, 2013, 08:46:02 AM
 #9

Yes with your wallet address. That is found at your Linked Accounts page at the bottom.

Rt

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April 30, 2013, 12:35:30 PM
 #10

Yes with your wallet address. That is found at your Linked Accounts page at the bottom.

Rt

Ok I see it.  Well that's good to know about another option to get funds out.  You never know if Dwolla will become more unfriendly to BTC community.  I will stick with sending funds through CampBx for now but opened an acct with Coinbase as a backup.
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May 19, 2013, 09:01:51 AM
 #11

Yes Dwolla through CampBx is good but Coinbase actually gets you more $, even with the 1%, because their exchange price is much higher.  They must use the current Gox spot price or close to that.  Camp BX prices are significantly lower and also the bid ask spread is significantly larger.

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May 20, 2013, 08:37:14 PM
 #12

I've been using CampBX and Dwalla, does coinbase let you use Dwalla? If not how do you get your money?
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May 21, 2013, 12:38:30 PM
 #13

I've been using CampBX and Dwalla, does coinbase let you use Dwalla? If not how do you get your money?


ACH transfer for 1% + .15 cents

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May 21, 2013, 03:10:32 PM
 #14

CoinBase only accepts USD  Angry
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